Shiba Inu seems to be gaining popularity, especially after being adopted by a lover of dog tokens, Elon Musk. In recent days, the gains of this token have been remarkable, and just like the majority of altcoins, it is trading in the green zone.

Shiba Inu is trading at $0.00000782 on major exchanges at the time of writing after a 5.1% increase in value.

Shiba Inu Price Analysis

Shiba Inu Price Analysis 28 June
Source: TradingView

Shiba Inu is one of the tokens posting good returns, and it is one of the coins one should look out for. The dog token had traded at an all-time high of $0.00003477 before the May market crash after a 21,000% gain. However, just like other altcoins, the coin failed to hold after the crash and dropped to low levels.

Shiba shows effort in trying to garner back support and rise to higher levels. The next resistance the token needs to break is $0.00001. If this resistance is broken, it will signal that the token is headed towards another bull rally. If this level creates an ideal entry position for investors, SHIB may hold that position, and bulls may make a rebound towards the May levels.

On the downside, if SHIB fails to hold and the coin breaks to even low levels of $0.000005, it might also create an entry position for new traders; hence we might see the token stabilizing at its current values. Nevertheless, SHIB needs to hold levels past the May lows to avoid any significant losses.

As mentioned, SHIB has received overwhelming support from the Tesla boss, Elon Musk, which created the rally to its current levels. If Musk has ditched DOGE for SHIB, the token is bound for incredible returns in the future, given that Musk helped put DOGE at its current level. An endorsement by Musk will mean massive profits for holders.

Shiba Inu is also trying to gain a place on the global map to rally more demand. The crypto community is rallying for SHIB’s presence in the NASCAR race. The community is urging Voyager, a popular crypto firm, to endorse the SHIB logo in the race. Many cryptocurrencies and crypto firms have been exploring the sports arena as a means of promotion.

Where to Buy SHIB

For those who want to buy Shiba Inu, they can look at the following exchanges:

eToro is a reputable exchange that gives investors a high sense of security and user-friendly features. Creating an exchange account on eToro is easy even for beginner traders. Moreover, the exchange is among the few that enables copy trading.

Coinbase recently added SHIB tokens to its list of tradable tokens. The exchange is also another leading exchange that offers many crypto trading pairs. It is supported in multiple jurisdictions and offers competitive trading fees.

Looking to buy or trade Crypto now? Invest at eToro!

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